Tag: Sitharaman

Sitharaman to review state of economy at FSDC meeting on Monday

[ad_1]
New Delhi: Finance minister Nirmala Sitharaman will review the state of the economy amid global and domestic challenges at a meeting of the Financial Stability and Development Council (FSDC) on Monday.
The 27th meeting of the high-level panel to be held here will be attended by all financial sector regulators, including RBI Governor Shaktikanta Das, sources said.
This would be the first meeting of the FSDC after the passage of Rs 45 lakh crore Budget for 2023-24 with greater emphasis on capital expenditure with an outlay of Rs 10,00,961 crore.

The FSDC is the apex body of sectoral regulators, headed by the Union finance minister.
The meeting will review the current global and domestic economic situation and financial stability issues, including those concerning banking and NBFCs in view of failure of Silicon Valley Bank and Signature Bank and liquidity pressure faced by Credit Suisse, according to the sources.
The council would review the progress of measures approved earlier for further development of the financial sector and to achieve inclusive economic growth with macroeconomic stability, they said.
RBI in its latest bi-monthly policy marginally revised upward the economic growth projection for the current fiscal to 6.5 per cent, from its earlier estimate of 6.4 per cent.
Unveiling the first bi-monthly monetary policy of 2023-24 fiscal in April, RBI Governor had said the GDP growth in the first quarter of 2023-24 is expected at 7.8 per cent.

The growth for second, third and fourth quarter of the current fiscal has been projected at 6.2 per cent, 6.1 per cent and 5.9 per cent, respectively.
The last meeting of the high level panel had taken place in Septmber, 2022.
The Council during the last meeting deliberated on the early warning indicators for the economy and preparedness to deal with them, improving the efficiency of the existing Financial/Credit Information Systems and issues of governance and management in Systemically Important Financial Institutions including Financial Market Infrastructures, and strengthening cyber security framework in financial sector.
Besides, common KYC for all financial services and related matters, update on account aggregator and next steps, issues relating to financing of power sector, strategic role of GIFT IFSC in New Aatmanirbhar Bharat, inter-regulatory issues of GIFT-IFSC, and need for utilisation of the services of registered valuers by all government departments were also discussed.
The FSDC meeting will also review activities undertaken by the FSDC sub-committee chaired by the RBI governor and the action taken by members on the past decisions of FSDC.
Besides RBI governor, Securities and Exchange Board of India chairperson Madhabi Puri Buch, Insurance Regulatory and Development Authority of India (IRDAI) chairman Debasish Panda, Insolvency and Bankruptcy Board of India (IBBI) chairman Ravi Mital and Pension Fund Regulatory and Development Authority’s newly appointed chairman Deepak Mohanty will attend the meeting.
The sources said the FSDC meeting will also be attended by Minister of State for Finance Bhagwat Kishanrao Karad, Finance Secretary T V Somanathan, Economic Affairs Secretary Ajay Seth, Revenue Secretary Sanjay Malhotra, Financial Services Secretary Vivek Joshi and other top officials of the finance ministry.
[ad_2]
#Sitharaman #review #state #economy #FSDC #meeting #Monday
( With inputs from www.siasat.com )

May 7, 2023
There’s no politics in ‘Mann Ki Baat’, abusing PM Modi part of Cong DNA: Sitharaman

[ad_1]
New Delhi: Prime Minister Narendra Modi spoke like a “pradhan sevak” during the 100th episode of ‘Mann Ki Baat’ and there is no politics in the radio broadcast, Union Minister Nirmala Sitharaman said on Sunday, countering the Congress’ criticism of the programme.
Now if the Congress is “obsessed” with talking about the agenda set by its first family, it’s up to the party, she said.
Earlier in the day, the Congress took a swipe at Modi over his 100th ‘Mann Ki Baat’ radio broadcast, saying there was much fanfare in the run-up to the episode but it was “maun ki baat (silence)” on critical issues such as the border dispute with China, stock manipulation allegations against the Adani Group, “increasing” economic inequalities and the wrestlers’ protest.

Hitting back, Sitharaman said, “He (Modi) talks about everything. Now if the Congress is obsessed with talking about the agenda that the first family of the party sets, it’s up to the party.”
“There is no politics in Mann Ki Baat… There is positivity in the spirit of Mann ki Baat,” the finance minister told reporters after listening to the radio broadcast with BJP leaders and others in Preet Vihar here.
In the 100th episode of ‘Mann Ki Baat’, Sitharaman said, Modi spoke to the people like a ‘pradhan sevak’ and not a prime minister, and the common people also spoke confidently about the core issues.
“So, I am very much impacted, inspired and feeling humbled,” she said.
“Such a pradhan sevak is leading our country despite problems that arose due to the spread of COVID-19 in 2020 and the Russia-Ukraine (conflict) later. All of us are safe under his leadership and India is the fastest growing economy today,” the minister added.

On Congress leaders calling Modi names, Sitharaman said “abusing” the prime minister is “part of the Congress DNA”.
“But they never seem to realise that every time they abuse Prime Minister Modi, people recognise him much more for his positive and constructive work in building India. It doesn’t benefit them in any way or win them any brownie points but they still want to do it because they are full of hate,” she said.
“Despite Rahul Gandhi going around setting up ‘mohabbat ka dukan’, his own party’s president is spewing venom. He is talking about a poisonous snake. So, you understand where Rahul is going and where his party is. Rahul is talking about something that his party doesn’t believe in,” she added.
It is the “nature” of the Congress to abuse those it cannot defeat but people’s support is with Prime Minister Modi.
“The more they accuse the prime minister, the more people will bless him,” she added.
Through ‘Mann Ki Baat’, Sitharaman said, the prime minister has brought out the good in Indian citizens.
[ad_2]
#politics #Mann #Baat #abusing #Modi #part #Cong #DNA #Sitharaman
( With inputs from www.siasat.com )

April 30, 2023
Will be grossly misunderstood if I offer coffee to a political rival, says Sitharaman

[ad_1]
Mumbai: Political discourse has deteriorated in the country, and there is a dearth of cordiality, Finance Minister Nirmala Sitharaman said on Friday.
Simple acts like offering a coffee to a political opponent can be “grossly misunderstood”, the senior minister said.
Sitharaman, who also handles the corporate affairs portfolio, said this was not the case in the past and recalled the bonhomie between Chakravarti Rajagopalachari of the Congress and P Ramamurti of the Communist Party of India in Madras Presidency and Tamil Nadu despite being staunch political rivals.

The minister said Rajaji used to carry coffee from his home in a flask, and interjected Ramamurti mid-speech to offer him the coffee, after which they went back to their respective ideological positions.
“I can’t imagine giving a cup of coffee (now) it can be grossly misunderstood,” Sitharaman said, speaking at the launch of veteran banker N Vaghul’s book ‘Reflections’ here.
Sitharaman said there was some personal regard for one another even in the most bitter of the political rivalries and added that leaders were full of amity and cordiality then.
She also made references to Vaghul’s frequent run-ins with the political executives and added that wielding of power by a person or those around him can make or break a career.
The minister said she had also heard about how bankers had to constantly face interferences by the political executive Vaghul quit from a state-owned bank at 47 and also alluded to a specific instance of a Minister of State trying to assert power in the absence of his senior, a Cabinet Minister.

The minister also said that for forty years, each government competed with the previous one for showing that they are more socialist than the dispensation that preceded it.
She said that for the first time in India’s history, the budget presented by her in 2021 had a mention of the word “privatisation”, courtesy of the backing of Prime Minister Narendra Modi.
Vaghul, a veteran banker, said the degradation of values in the country is “bothering” him, pointing specifically to corruption symbolises not only a person’s greed but also a decline in moral values.
He said the reforms of 1991 were half-baked as they did not fully dismantle the state-run enterprises, and called himself a servant of the free market ever since he heard Rajaji attack communists.
Speaking at the same event, veteran banker KV Kamath called Vaghul, with whom he had a long association, as the builder of a new construct for banking in India.
Industrialist Ajay Piramal, whose company counted on Vaghul as a board member for over 25 years, said apart from building ICICI Bank into a formidable bank, Vaghul also was central in the establishment of the rating agency Crisil and also encouraged diversity.
[ad_2]
#grossly #misunderstood #offer #coffee #political #rival #Sitharaman
( With inputs from www.siasat.com )

April 28, 2023
‘Amul-Nandini made an emotional issue for Karnataka polls’: Sitharaman

[ad_1]
Bengaluru: Union Finance Minister Nirmala Sitharaman on Sunday alleged that Amul-Nandini had been made an emotional issue in Karnataka in view of Assembly elections scheduled next month.
She said that “things were tweaked, twisted and made an emotional issue because it is election time in Karnataka”.
Assembly elections in Karnataka are scheduled to be held on May 10.

The Union Minister said that to suddenly say that Amul is being brought to Karnataka to kill Nandini is ‘brazen’.
She alleged that the Anand Milk Union Limited (Amul), the Gujarat-based dairy cooperative, had entered Karnataka when the Congress was in power.
“Amul entered Karnataka when there was a Congress-led government here. I’m not sure if I should name the Chief Minister of that time. The same respected former CM is now questioning Amul’s entry. It was in his time Amul entered North Karnataka for marketing in those areas,” she said.
The Finance Minister was responding to a question regarding the Amul-Nandini controversy, during the interaction with Thinkers Forum, Karnataka here.
Amul-Nandini has become a key issue ahead of the elections, as the opposition Congress and JD-S have alleged that the ruling BJP is trying to finish off Nandini by merging it with Amul.

The Karnataka Milk Federation (KMF) sells milk, curd and other dairy products under the brand name Nandini.
“This, strictly speaking, is tweaked, twisted and made an emotional issue because it is election time. Instead of building a healthy competition and a positive narrative, the issue was twisted,” she said.
“In India’s scheme of things, every state has its own milk cooperative. Karnataka’s Nandini… whoever doesn’t recognise it? Even now as I’ve come, I had Nandini milk, curd, peda. Of course in Delhi, I’ll buy Amul,” Sitharaman said.
“I represent Karnataka (but) in Delhi, if Nandini isn’t available, I’m mentally not a sanyasi to say I won’t drink milk if Nandini isn’t available. I still buy Amul. That’s not being against Karnataka,” she added.
She pointed out Nandini too sells its products in other states such as Kerala, Tamil Nadu, Telangana, Andhra Pradesh just like other state dairies’ products are also available in Karnataka.
“Good competition I would say. The idea is therefore to strengthen India in every aspect. That’s why India became the world’s largest milk producer,” she said.
She clarified that strengthening Nandini and dairy farmers in Karnataka would continue to happen.
She observed that farmers and women need not be brought into a political issue.
Stating that Karnataka’s milk farmers need to be supported, Sitharaman claimed that it was the BJP government headed by B.S. Yediyurappa which raised the procurement price of milk for the first time.
“Again, the current BJP government increased it to Rs 5. So, support to milk-giving farmers will continue,” she said.
[ad_2]
#AmulNandini #emotional #issue #Karnataka #polls #Sitharaman
( With inputs from www.siasat.com )

April 23, 2023
Global consensus essential for crypto assets regulation: Sitharaman

[ad_1]
New Delhi: Finance Minister Nirmala Sitharaman on Sunday emphasised on the need for global consensus for regulating crypto assets.
Addressing a series of events in Bengaluru, she said that any kind of regulation on crypto assets would require every nation’s consent, otherwise it would not be effective.
Sitharaman added that India under its G20 presidency has kept crypto assets regulation as an agenda item for this year.

The IMF has given a paper on crypto-currency and the way it can affect the macroeconomic stability.
“The Financial Stability Board (FSB), which was set up by G20, has agreed to give a report that will also focus on financial stability,” Sitharaman said.
Reports of both FSB and IMF will be discussed in July when Finance Ministers and Central Bank Governors will meet under the G20 umbrella, the Finance Minister said.
Sitharaman further said that the government is taking several measures to widen the tax base.
“We have brought in a parallel, simplified income tax regime with lower tax rates and less exemptions. Changes have been brought to encourage people to pay taxes,” she said.

“Salaried class sometimes feel why they are only burdened and not others are questioned. They should remember that the government is approaching others as well, big expenditures are now being taxed, they are paying TDS. So, widening of tax net is happening,” she said.
Speaking on the global economic scenario, the Finance Minister said: “Covid was not even completely over when the war in Europe began and it had global repercussions. Fuel prices went up and food insecurity was seen in many countries.”
During Covid, many developed economies printed and distributed money. This formula resulted in double-digit inflation in their economies, something which was not seen there in 30-40 years, Sitharaman added.
On inflation, she said that initially interest rates were “low for a long” and now inflation rates are “high for long” in countries which printed money and distributed it during Covid.
“Their economy is in a state of flux and in a recessionary phase which will have spillovers worldwide,” Sitharaman said.
[ad_2]
#Global #consensus #essential #crypto #assets #regulation #Sitharaman
( With inputs from www.siasat.com )

April 23, 2023
India projected to grow at 7% in 2022-23, says Sitharaman at IMF meet

[ad_1]
New Delhi: Finance Minister Nirmala Sitharaman on Friday said that with both the International Monetary Fund (IMF) and the World Bank having projected India as the fastest growing major economy in 2023, it will stay on course and is projected to grow at 7 per cent in 2022-23 as per the government’s own economic survey 2022-23.
She said this during the plenary meeting of the International Monetary and Financial Committee (IMFC) at the IMF headquarters in Washington.
In her intervention, the finance minister highlighted that conducive domestic policy environment along with the Indian government’s focus on structural reforms has kept domestic economic activity in India robust.

Sitharaman underlined the learning from the pandemic that digitalisation, especially digital public infrastructure (DPI) is a positive-catalyst for the global economy and how India’s DPI revolutionised the access and created a vibrant entrepreneurial ecosystem.
Referring to global sovereign debt roundtable, the finance minister said it has demonstrated a constructive way forward with multi-stakeholder cooperation for other vulnerable countries and India is pleased to be part of the team that provided solution for Sri Lanka and Suriname.
Through India’s G20 presidency, Sitharaman reiterated the commitment towards exploring solutions through stakeholder engagements, to pressing global challenges, which disproportionately harm the poorest and most vulnerable.
In conclusion of her intervention, while urging all the G20 members to continue to support multilateral efforts, Sitharaman emphasised on engaging in positive dialogue to fight the challenge of global fragmentation.

Subscribe us on
[ad_2]
#India #projected #grow #Sitharaman #IMF #meet
( With inputs from www.siasat.com )

April 15, 2023
G20 consensus that regulations on crypto assets has to be global: FM Sitharaman

[ad_1]
Washington: Members of the G20 agree that a globally coordinated understanding would be required not only to deal with the challenges posed by crypto assets but also to regulate them, Union Finance Minister Nirmala Sitharaman has said.
The grouping has responded to the issue with alacrity and during India’s presidency of the G20, a “synthesis paper” will be taken up on matters related to crypto assets, the minister told a press conference here on Thursday.
“I am glad to say that there is a greater acceptance among all G20 members, that any action on crypto assets will have to be global,” Sitharaman and added that “the G20, I think, has responded fairly with alacrity (on the crypto challenge),” she said.

On the sidelines of the annual spring meeting of the International Monetary Fund (IMF) and the World Bank, Sitharaman along with Reserve Bank of India Governor Shantikanta Das co-chaired a meeting of finance ministers and central bank governors from member countries.
Issues related to crypto currency and its challenges were discussed at the meet.
“The G20 and its members agree that it’s not going to be possible to have an independent standalone country dealing with the crypto assets and that it has to have a globally coordinated understanding on how to go about regulating crypto assets,” she said in response to a question.
“The way in which we are seeing this pan out during our presidency is the IMF’s paper is being discussed, FSB’s (Financial Stability Board) paper also will be taken up, and a synthesis paper will be prepared from the IMF paper and the FSB paper both put together, Sitharaman said.
There will be a discussion in September and October, and in the “end of the day, we will see a roadmap being readied on how and what kind of understanding the members of the G20 have in this, and it can be taken further forward on specific actions of regulation as and when the G20 takes a call on it”, the finance minister said.

Noting that she does not want to preempt a decision, Sitharaman said the work done by the FSB and the IMF indicate that crypto assets, particularly those that are outside of central banks, being not backed by any sovereign asset, can cause macroeconomic instability.
“So, today, we are in the position to see how countries are now recognising that it is not just a crypto asset regulatory issue, where countries will have to come together, but the IMF dealing with it has also brought in this time mention that they can be issues of macro economic stability itself,” she said.
“Today, I am very glad to have heard the European Central Bank chief Christine Lagarde speak about specific examples of how money has been routed into this operation, resulting in too many such companies who are getting involved in it raising questions of where the trail is,” the minister said.
Sitharaman stressed that it was a “very substantive” discussion and the agreement that all of them had was this: “Yes, it has got to be globally handled”.
[ad_2]
#G20 #consensus #regulations #crypto #assets #global #Sitharaman
( With inputs from www.siasat.com )

April 14, 2023
India concerned about global economic outlook: Nirmala Sitharaman

[ad_1]
New Delhi: Union Finance Minister Nirmala Sitharaman said that despite this year’s projected growth rate of over 6 per cent for the Indian economy, it remains concerned about the global economic outlook and geopolitical environment.
She made the remarks on Wednesday while attending the Development Committee meeting of the World Bank-IMF Spring Meeting 2023 in Washington D.C.
Sitharaman mentioned that the World Bank should continue to work for its vision of a ‘World Free of Poverty’ and achieve its mission of ‘ending extreme poverty’ and ‘promoting shared prosperity’ in a manner that is inclusive, resilient and sustainable.

During her intervention, Sitharaman suggested that the global public goods should also be brought into the focus as the third goal.
The Finance Minister further mentioned that the “Evolution of the World Bank Group – A Report to Governors” provides a historic opportunity to think collectively on the evolution of the World Bank Group.
Subscribe us on
[ad_2]
#India #concerned #global #economic #outlook #Nirmala #Sitharaman

( With inputs from www.siasat.com )

April 13, 2023
Sitharaman meets IMF’s Gita Gopinath, discusses downside risks to economy

[ad_1]
New Delhi: Union Finance minister Nirmala Sitharaman met IMF Deputy Managing Director Gita Gopinath in Washington D.C., during which she noted the monetary body’s concerns on key downside risks to the economy including financial sector stress, inflation and geo-political fragmentation as well as faltering growth in China.
The meeting took place on Tuesday on the sidelines of the IMF-World Bank Spring Meetings.
According to the Finance Ministry, Sitharaman congratulated Gopinath for accelerating India’s work on the Global Sovereign Debt Roundtable along with the World Bank and reiterated New Delhi’s commitment to foster efforts to address growing debt vulnerabilities.

Sitharaman also acknowledged IMF’s support to India’s G20 Presidency in the form of inputs towards developing evidence-based policy guidance.
Meanwhile, the top IMF official congratulated the Union Minister on the “fruitful discussions that translated the February consensus on the need for a globally coordinated policy response on crypto assets into an agreed set of guiding principles and an action plan on crypto assets”, said the Ministry.
Taking to Twitter following the meeting, Gopinath said: “Had a very good discussion with Finance Minister Sitharaman at the IMF-World Bank spring meetings, to discuss the progress being made under India’s G20 Presidency on debt issues and crypto related challenges.”
Subscribe us on

[ad_2]
#Sitharaman #meets #IMFs #Gita #Gopinath #discusses #downside #risks #economy
( With inputs from www.siasat.com )

April 12, 2023
‘2nd largest Muslim population..’: Sitharaman denies violence against minorities

[ad_1]
New Delhi: Finance Minister Nirmala Sitharaman on Tuesday slammed the reports appearing in Western media about violence against minorities in India, especially Muslims, saying that those commenting on such issues should come and see the reality on the ground as India has the second largest Muslim population in the world and the minorities are not only growing exponentially, they have been incentivised and doing their business in the country.
In an interaction with Adam Posen of the Peterson Institute of International Economics in Washington DC, during her ongoing tour of the US, the finance minister gave Pakistan’s example, saying that it was created as an Islamic country which had promised to treat minorities equally, however there the minorities and even several Muslim sects, which don’t agree with the majority community, have been “decimated and diminished in numbers”.
“In sharp contrast, minorities in India have only grown in numbers since 1947 and have been doing their businesses comfortably…They have been getting scholarships. India has the second largest Muslim population in the world. The answer also lies in the fact that investors have been coming to India. I will say that please come and see for yourself the reality, rather than listening to those who haven’t even seen what is happening on the ground,” she said during the interaction, which focussed on “resilience of the Indian economy amid tightening of Indian conditions”.

She was responding to a question by Posen on violence against Muslims in India as reported by Western media and also opposition MPs losing their status (referring to Rahul Gandhi’s disqualification from Parliament).
Meanwhile on the Indian economy’s resilience, the finance minister said that “it is due to the enterprising nature of Indians. Despite suffering and loss of lives, we took up Covid-19 as a challenge and helped each other. The government extended support to people through targeted approach and undertook humanitarian steps.”
Speaking on supply chain disruptions, the finance minister said, “Given the shocks witnessed due to supply chain disruptions, MNCs have become prudent and are diversifying. India is poised for a more important role in the global value chains. India is attractive because of its skilled youth and large domestic market.”
Highlighting India’s future goals, Sitharaman said, “Today, we are reaching saturation in providing basic facilities to citizens such as houses, electricity, transport, etc., and are empowering them. Emphasis is there on financial inclusion so that all have bank accounts and benefits reach them directly. Going forward, we are focusing on skilling and digitisation so that there’s greater ease of living, transparency and formalisation of the economy.”
On emerging markets and G20, she noted that India is carrying forward agendas of earlier G20 Presidencies, bringing issues on table that India considers important and also making way for the future G20 Presidencies to build upon the legacy of India’s G20 Presidency.

“Emerging Markets have G20 Presidencies for three consecutive terms from Indonesia in 2022, India in 2023 and Brazil next year. This will bring views of the Emerging Markets to the front and also the voice of the Global South on to the G20 table,” Sitharaman added.AA
She further said that the World Bank and International Monetary Fund (IMF) are also holding a roundtable on Global Sovereign Debt.
“Initial discussions happened at the first G20 FMCBG in Bengaluru. India’s G20 presidency will create discussion and sharing of information on this issue and it will be taken forward positively,” the finance minister added.
On the World Trade Organisation (WTO), Sitharaman added that it should be more open about issues.
“WTO has to be progressive and fair to all members. It has to give voice to all and not just hear but also heed. There’s a continuation of a moratorium since 1998 on electronic transmissions despite evolution to the digital age. Shouldn’t there be a change in WTO policy in terms of a moratorium? We don’t have to reverse the benefits of globalisation but make it more transparent,” she emphasised.
[ad_2]
#2nd #largest #Muslim #population. #Sitharaman #denies #violence #minorities
( With inputs from www.siasat.com )

April 11, 2023